The suspension was in connection to NMG’s submission of the financial statements for the year 2017, wherein the overstatement of revenue and accrued income in the financial statements for the year 2015 and 2016 were restated because fictitious revenue had been recorded. The SEC reviewed Patamavan’s engagement performance as NMG’s auditor and found that she failed to obtain reliable evidence that was sufficient and appropriate with regard to the audit of the revenue and the accrued income which...
Bangkok, 2 November 2017 - The SEC has suspended the approval for a capital market investment consultant, {A}, for 12 months due to his failure to perform duties carefully and professionally. He was working for Asia Plus Securities Co., Ltd. at the time of misconduct.Following the inspection report submitted by Asia Plus Securities and the subsequent examination conducted by the SEC, it was found that {A} had solicited a client to invest in derivatives products by guaranteeing returns; the clien...
Bangkok, 13 September 2016 - The SEC has imposed a two-year suspension of approval on {A}, Executive Chairman of {X1} Company Limited, for failing to supervise the Know Your Client/Client Due Diligence (KYC/CDD) as well as client activity oversight systems. Additionally, the SEC is in the process of submitting the? case for consideration of the Criminal Fining Committee.During a routine inspection of {X1} Company Limited, the SEC found deficiencies in the company's KYC/CDD system. Also its clien...
Bangkok, 17 August 2016 - The SEC has suspended two capital market investment consultants, namely {A} for making unauthorized trading decisions, and {B} for giving investment advice without any reference to analysis report.In the case of {A}, a client filed a complaint against her and the SEC's further investigation revealed that she had made decisions to purchase securities without the client's authorization, consequently causing damage to the client. She was working for Globlex Securities Co.,...
Bangkok, 15 March 2017 - The SEC has suspended the approval of two securities investment consultants, {A} and {B}, for failing to perform duties with responsibility and deliberation as a professional for a period of four months and 40 days, respectively.In the case of {A}, who was a securities investment consultant and a branch manager at KASIKORNBANK Public Company Limited (KBANK) while committing misconduct, an inspection report from the bank and the SEC's further investigation have revealed t...
Bangkok, 20 October 2016 - The SEC has suspended approval of 11 investment consultants of six securities companies for soliciting investors to purchase IPO and over-the-counter shares to seek personal benefits from the margins of the offer prices. According to the findings of the SEC investigative team, 10 of the 11 investment consultants solicited several clients to invest in IPO shares to seek personal gain from the margin of such offering and trading transactions. However, the clients who...
Bangkok, May 12, 2014 - The SEC disclosed an inappropriate behavior to the general public and suspend approval of {A}, a former securities investment consultant of UOB Kay Hian Securities (Thailand) Plc., for not recording the securities trading orders and inappropriate submission of trading order form (F8). From a routine inspection of UOB Kay Hian Securities (Thailand) Plc, the SEC found that {A} did not record a number of client's securities trading orders. Certain records found in the course...
Bangkok, March 2, 2015 The SEC suspended {X1} Company and its financial advisor supervisor, {A}, for deficiency performance in case of a company filing an application, registration statement and draft prospectus for initial public offering of shares. The SEC's probe found that {X1} Company and {A} did not exercise due care in verifying relationships between the applicant and a company in the case that the applicant had transferred all shares of such company to a third party despite various facto...
Bangkok, February 18, 2013 - The SEC imposed a five-month suspension on {A}, a securities market investment consultant of Bualuang Securities Plc., and a three-month suspension on {B}, a securities market investment consultant of Finansia Syrus Securities Plc.The SEC found from its routine inspection that {A} frequently failed to keep records of his advice and clients' securities trading orders. He also admitted taking such trading orders via mobile phone. In addition, some of his clients' tra...
Bangkok, January 23, 2013 - The SEC imposed a two-month suspension on {A}, a securities investment consultant of SCB Securities Co., Ltd., effective from January 23, 2013.The SEC received a report from SCB Securities Co., Ltd. that {A} frequently failed to record her clients' securities trading orders. She then admitted that when orders had been executed completely from many of her clients, she confirmed the clients' trading orders via telephone, as she understood that these could have been ev...